This chapter reviews multistage financial planning models, with a focus on practical approaches for optimizing investors´ performance over time. We discuss two major frameworks for constructing financial planning models: (1) policy rule simulation and optimization and (2) multistage stochastic programming. We advocate an integrated approach, in which a stylized stochastic program helps the investor discover robust decision/policy rules. In the second stage, the policy optimizer compares policy rules as well as provides additional information about future investment performance. To illustrate benefits, we apply the dual strategy to the defined benefit pension plans in the USA